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Home Latest News Bitcoin Sovryn launches complete suite for Bitcoin DeFi on RSK

Sovryn launches complete suite for Bitcoin DeFi on RSK

Sovryn has announced its public launch on Tuesday, a decentralized finance system running on RSK Bitcoin sidechain. lUsers now benefit from powerful leverage and return opportunities and are able to access the whole Bitcoin exchange suite in a trustless, noncustodial environment.

The protocol features leveraged trading, lending and borrowing and an in-house decentralized exchange.

A mix of major DeFi building blocks, including a collateralized lending protocol and automated exchange of market makers, is provided on the network. Users can exchange for up to five-times leverage for long or short, whereas stablecoin holders of Bitcoin, Tether and Dollar on Chain can gain interest by lending their properties.

The project plans to introduce decentralized governance forked out of the Compound contracts later in December. RSK is compliant with the Ethereum Virtual Machine, thereby supporting the smart contract language of Ethereum’s Solidity.

Sovryn members who enter early will have preferential access to the selling of their governance tokens, scheduled for the first quarter of 2021. The tokens would allow investors to partake in government, but a staking condition was added by the team: the longer the tokens are staked, the more voting rights they obtain.

Prior to the sale, Sovryn conducted a $2.1 million oversubscribed investment round, picking the number for Bitcoin for its symbolic meaning. Greenfield One led the round which featured Collider Ventures, Monday Capital and other undisclosed partners. Initial capital and development support was provided by Collider Labs and BlockVenture.

According to cointelegraph.com, a variety of updates and projects focused on it have recently been seen by the RSK sidechain. The project provides a quicker, more intelligent contract-enabled blockchain protected by Bitcoin merge-mining. Its native token, a wrapped variant of Bitcoin, is rBTC. The project recently announced that it had upgraded the bridge to allow secure Bitcoin transfers to the sidechain.

DeFi protocol building blocks are also being steadily developed by the RSK ecosystem, now with a stablecoin-generating protocol in Dollar on Chain. An alternative type of decentralized exchange network which uses a hybrid model between order books and automated market makers, has also been developed.

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